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If you didn’t contribute to an IRA last year, there’s still time

By |2024-02-23T15:33:12+00:00February 23rd, 2024|Latest News|

If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2024, filing date and

Get ready for the 2023 gift tax return deadline

By |2024-02-23T15:32:37+00:00February 23rd, 2024|Latest News|

Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required. Who must file? The annual gift tax exclusion has increased

Filing jointly or separately as a married couple: What’s the difference?

By |2024-02-23T15:17:51+00:00February 23rd, 2024|Latest News|

When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing jointly, Married filing separately, Head of household, and Qualifying surviving spouse. If you’re married,

Small businesses can help employees save for retirement, too

By |2024-02-23T15:13:39+00:00February 23rd, 2024|Latest News|

Many small business owners run their companies as leanly as possible. This often means not offering what are considered standard fringe benefits for midsize or larger companies, such as a retirement plan. If this is the case for your small business, don’t give up on the idea of helping your employees save for retirement in

Is it time to upgrade your business’s accounting software?

By |2024-02-23T15:10:29+00:00February 23rd, 2024|Latest News|

By now, just about every company uses some kind of accounting software to track, manage and report its financial transactions. Many businesses end up using several different types of software to handle different accounting-related functions. Others either immediately or eventually opt for a comprehensive solution that addresses all their needs. Although there’s some truth to the

If you gave to charity in 2023, check to see that you have substantiation

By |2024-01-30T20:30:12+00:00January 30th, 2024|Latest News|

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax return? It depends. What the law requires To prove a

Seeing the big picture with an enterprise risk management program

By |2024-01-30T20:28:16+00:00January 30th, 2024|Latest News|

There’s no way around it — owning and operating a business comes with risk. On the one hand, operating under excessive levels of risk will likely impair the value of a business, consume much of its working capital and could even lead to bankruptcy if those risks become all-consuming. But on the other hand, no

IRAs: Build a tax-favored retirement nest egg

By |2024-01-23T21:16:27+00:00January 23rd, 2024|Latest News|

Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacted at the end of 2022, brought even more changes that made IRAs more advantageous for many taxpayers. What hasn’t changed is that they can help you save for retirement on

Answers to your tax season questions

By |2024-01-15T19:45:14+00:00January 15th, 2024|Latest News|

The IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year. 1. What are this year’s deadlines? The filing deadline to

The kiddie tax could affect your children until they’re young adults

By |2024-01-15T19:43:07+00:00January 15th, 2024|Latest News|

The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child would otherwise pay. For purposes of this federal income tax provision, a “child” can be up to 23 years old.

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